Marine Insurance
/ˈmɛrɪn ɪnˈʃʊərəns/
Definitions
- (n.) A contract whereby the insurer undertakes to indemnify the insured against marine losses such as damage to ships or cargo during transit by sea or other navigable waters.
The shipowner purchased marine insurance to cover potential damages during the transatlantic voyage.
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Commentary
Marine insurance is a distinct branch of insurance law focusing on maritime risks; careful drafting should specify covered perils and values clearly to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.